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Posted July 11th, 2011 in Exits IPOs M&As, VC-backed Biotech Returns

Note to Readers: This blog post was co-written by Bruce Booth and Bijan Salehizadehwho co-authored an article in the July 2011 issue of Nature Biotechnologydetailing the differences in returns between Life Sciences and Tech investing.

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Left behind by this good news is the Nike Air Max LeBron IX 9 Low Easter Sz 15 VNDS Basketball Sportswear Traini, which according to PWCMoneyTree / NVCA data accounted for nearly 30% of the $21 billion invested in venture-backed companies in 2010.

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As we outline in our paper in the July issue of Nature Biotechnology, LS venture investing dramatically outperformed Tech venture investing over the past decade.

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Overall Life Sciences/Healthcare venture realized gross pooled mean IRR was 15.0% for the past decade.  This is in contrast to 5.5% for all of venture capital, 3.0% for IT and 4.1% for Software.2014 Nike Air Jordan 14 XIV Retro Wolf Grey Sport bluee size 9 487471-004,.

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There’s a perception that lots of Life Sciences deals lose money.  It’s true.  58% returned less than their invested capital.Nike Flyknit Racer Unisex Running Trainers 526628 Sneakers shoes 100,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE Air Jordan IX 9 RETRO PANTONE blueE SIZE 11.5 USA 832822-401 NEW 2016 DS,.g.,. top 1% of Tech deals almost certainly have higher multiples than LS).

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But, as one would expect, not all of the news for Life Sciences is rosy:

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Men's Nike Kevin Durant VII EXT Quick Strike Leopard Athletic Fashion 716654 001,.  IPOs are media darlings, and help create buzz about sectors.  In LS, we aren’t likely to have that type of buzz anytime soon.

Our data and analysis of course has some short-comings.DS Nike Air Max 97 UL 17 HAL Ultra PATCH Black Olive 12 AH9945 001 95 1 90 vapor,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Jordan Retro 13 Wheat Size 11.5 Elemental gold Tan Brown,.

Some of you who follow venture returns data may be asking some questions:

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  3. Nike Air Jordan White Cement 4 IV 2012 Size 7Y,–  Unlike IT where 100x returns are possible and have driven great outcomes in companies like Skype and Google, and will most likely in Zynga and Facebook, Life Sciences never will have these wild “Black Swan” outliers.. These 100x’ers are the companies that draw press attention, new talent, and more capital into the IT space.
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To get all of the numbers and the full commentary, please head over to the Nature website.

For simplicity’s sake, in this post, we use the term Life Sciences to cover all of Healthcare venture capital investing and the term IT/Tech to cover all Information technology, Internet/Software, and Hardware related categories.

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